New Street Research - AMERICA MOVIL S A B DE C V (AMX) ... AMX (Buy, TP: $24, +40%) AMX - Q1 24: Accelerating revenue and EBITDA trends

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New Street Research

Soomit Datta

EUR 9341.00 For Business Accounts Only

AMX (Buy, TP: $24, +40%) AMX - Q1 24: Accelerating revenue and EBITDA trends

AMX reported strong Q1 numbers after close, coming in ~2% ahead of consensus revenue and EBITDA. Growth accelerated (to 5% y/y from 3.7% in Q4) coming from Mexico and Brazil, and both fixed and wireless. Brazil EBITDA also saw strong support on the cost side. Capex was down y/y in Q1, in keeping with the FY 24 guide (~$7 billion, down from $8.8 billion in 2023); we expect mid-term capex to be provided at the upcoming May 7th Investor Day, and see potential for consensus estimates to come down here.

17/04/2024 1 EN

Underlyings

AMERICA MOVIL S A B DE C V

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US02390A1016 New York Stock Exchange Mexico

America Movil S.A.B. de C.V. ADS

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US02364W1053 New York Stock Exchange Mexico

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Pan European Telecom Services and Cable

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Analysts

Soomit Datta

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AMX (Buy, TP: $24, +40%) AMX - Q1 24: Accelerating revenue and EBITDA trends

AMX (Buy, TP: $24, +30%) America Movil - Capex driving FCF inflection; FY model update

AMX (Buy, TP: $24, +40%) AMX - Solid underlying Q4s, messy Argentina adjustments

Odido Q4 23: Good SR and EBITDA growth; possible frontbook fix on the cards?

NSR Policy: The Interconnections of ACP, Spectrum, Title II, and the Second Circuit ruling

Tesla portfolio expansion; cloud revenues and capex accelerating; time to buy auto semis; and much more. The Tech Weekly Wrap-up

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